Looks like a large Elliott wave is just coming to an end.
Currently in a downward trend and are trending on the bottom trend line, should pop back up and stay over 75c to confirm reversal.
Reversal with a new Elliot wave with first wave pushing to 90c. testing previous support/now resistance.
Then dropping back to around then 80c region before the next wave up to $1 before re-testing support for the final leg to 1.25.
SMA 200 sits at 1.04,
For educational/testing theory purposes. Not intended as investment advice.
Would love to hear your thoughts, theories and analysis..
Currently in a downward trend and are trending on the bottom trend line, should pop back up and stay over 75c to confirm reversal.
Reversal with a new Elliot wave with first wave pushing to 90c. testing previous support/now resistance.
Then dropping back to around then 80c region before the next wave up to $1 before re-testing support for the final leg to 1.25.
SMA 200 sits at 1.04,
For educational/testing theory purposes. Not intended as investment advice.
Would love to hear your thoughts, theories and analysis..